Adrien Chicot, a former quantitative researcher at Andurand Capital Management, has launched systematic trading firm Borel Capital and is recruiting 10 quantitative research interns to develop investment strategies across asset classes, according to a report by eFinancialCareers. 

Chicot, a graduate of France's École Polytechnique, has established the firm with an undisclosed amount of proprietary capital. Borel Capital plans to allocate funding to trading models developed by successful candidates, who will subsequently be offered permanent positions. 

Under the firm's recruitment model, each intern will have six months to develop a systematic trading strategy in an asset class of their choice. Strategies will be assessed through backtesting, potentially followed by paper trading and testing against previously unseen data. 

Candidates whose models meet the firm's requirements will receive capital allocations and performance-linked compensation based on the profits generated by their strategies. 

Chicot told eFinancialCareers that the approach allows junior quantitative researchers to receive a direct share of their strategy's profit and loss once deployed, rather than progressing through the traditional hedge fund compensation structure. 

Candidates whose strategies fail to meet performance expectations will not be offered permanent positions, with the firm planning to recruit a new cohort every six months. 

Borel Capital is targeting applicants with backgrounds in mathematics, physics, computer science or engineering, including both students and candidates with several years of investment experience. 

The initial recruitment round will require candidates to have the right to work in the European Union, although future cohorts may have broader eligibility. 

Successful applicants will receive paid internships, with compensation described as competitive, although specific salary figures have not been disclosed.